[Click eStock] "Binatek, a Company to Watch as the Hydrogen Industry Expands"

KB Securities analyzed on the 24th that Vinatek is a company to watch as the hydrogen industry expands. No investment opinion or target price was provided.

Vinatek recorded sales of 13.5 billion KRW and an operating profit of 400 million KRW in the first quarter. Sang-guk Lim, a researcher at KB Securities, explained, "The company turned profitable due to cost reductions from the transfer of supercapacitor volume at the Vietnam factory," adding, "Supercapacitors accounted for 87% and hydrogen fuel cells 9% of first-quarter sales."

Vinatek possesses the value chain of key components for hydrogen fuel cell stacks, including the support structure, catalyst, and membrane electrode assembly (MEA). Researcher Lim said, "It is unfortunate that cooperation on the Gen2 project with German company B has been delayed more than expected, but the business is progressing smoothly," and added, "Future expansion news should be noted as it can be inferred that sales growth from company B’s project will begin in earnest."

He explained, "Recent major supercapacitor projects such as the 1MW high-capacity FR-ESS, which completed demonstration with KEPCO, mobility solutions, the selection of power supply methods for the Dongtan tram, as well as defense and drones, are also becoming concrete," and added, "These will expand into cells, modules, and systems, leading to sales growth and improved profitability."

He emphasized that the hydrogen industry should be noted as one of the emerging energy sources amid power shortages. He said, "Power shortages have emerged as a major obstacle to the expansion of artificial intelligence (AI) data centers," and added, "Efforts are currently underway to utilize various eco-friendly energies such as nuclear power (SMR), nuclear fusion, and LNG, but hydrogen is also emerging as an important energy source."

He stated, "Recent joint hydrogen agreements for 2040 between Japan and the EU, government support for the ‘Hydrogen Economy Industrial Belt’ project, and major domestic groups (Hyundai Motor, POSCO, SK, Doosan, Lotte, etc.) announcing plans to grow the hydrogen value chain," and evaluated Vinatek as "a company to watch in the hydrogen industry expansion by securing price competitiveness through ultra-high durability catalyst manufacturing technology that reduces platinum usage by 75%."

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